Citibank Equal Payment Plan, page-42

The market is prepared to give SPT a massive margin over Z1P and APT based on a few factors. They don’t lend. They don’t chase bad debts. They don’t do credit checks. They have patents for some protection. They are expanding worldwide. They add value to Visa and MasterCard. They add value to merchants. They add value to consumers.

Is SPT expensive? Yes. Since February it has been over the top. March is the same. When SPT become profitable I expect the PE to be over 100.